Public investment in infrastructure, agriculture, and energy kept the fiscal deficit at 3.6% of GDP in 2018 and 2019, above the WAEMU convergence threshold of 3%. In 1960, Senegal’s per capita GDP was about the same as Korea’s, and well above China’s and Botswana’s (Figure 1).

Growth slipped to 6.0% in 2019 from 6.7% in 2018. Share. Given the low fiscal pressure (15% of GDP) and domestic savings, this deficit was partially financed by external borrowing, which raised the public debt to 54.7% of GDP in 2018 from 47.7% in 2017. Both will foster interregional trade.

According to VC4A — an organisation that provides technical and financial support to startup ventures globally and in Senegal — there are 128 registered startups in the West African nation, over a dozen of which are owned by women. A snapshot of Senegal’s economic growth.

Samba's Le Lionceau is one of the many startups that have mushroomed up across Senegal in recent years. Its economic history, internal migration, the presence of diseases and low literacy rates can begin to explain why. Real GDP growth has been above 6% on average since 2015, propelled by the Plan for an Emerging Senegal (2014–18). Twitter Facebook Pinterest LinkedIn Tumblr Email. The country faces a low risk of debt distress, according to the IMF.To improve the productivity and competitiveness of businesses and to lower production costs, the government created industrial clusters and established a broad program to shift its energy mix toward renewables (from biomass and fossil fuels). Still, examining the government’s efforts to diversify the economy, it seems that slowly, Senegal’s reasons for remaining poor can be remedied. The second Plan for an Emerging Senegal (2019–23) calls for implementing reforms to stabilize the macroeconomic environment, stimulate private investment, and accelerate the economy’s structural transformation. Senegal Economic Outlook. The government has a strategy to boost entrepreneurs as well as an industrial development policy, but they are not being fully implemented so these sectors are still quite small. In der Region kam es drei Jahrzehnte lang immer wieder zu bewaffneten Auseinandersetzungen, weil Rebellengruppen für eine größere Autonomie der Casamance eintreten. Er ist zudem historisch, kulturell, wirtschaftlich und ethnisch-religiös anders geprägt als der Norden. The government is revising its 2005-15 industrial redeployment policy (PRI) to boost industrialization in provinces with big economic potential through substantially upgrading facilities and infrastructure and setting up special economic zones and industrial parks. Inflation in 2019 remained low at 0.2%.Worsening terms of trade due to rising oil prices and equipment imports increased the current account deficit in 2019 to 8.8%, projected to rise to 9.7% in 2020 and 9.8% in 2021. The adoption in 2020 of a single currency, the eco, by ECOWAS members will also strengthen regional integration and reduce transaction costs.The economy faces constraints related to energy distribution, water control, basic infrastructure development (particularly in agriculture), and access to land— limiting productivity and reducing competitiveness.The private sector, particularly small and medium business, struggles with high borrowing costs, complicated administrative procedures, and a relatively unattractive legal, fiscal, and regulatory framework. – Smriti B Krishnan. The mobilization of external resources (direct foreign investment and eurobonds) as well as healthy migrant remittances made it possible to meet current account financing needs.The poverty rate fell from 57.3% in 2001 to 46.7% in 2011.

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